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Do I need to report my saving and checking account interest ($7) if I didn't receive a 1099-INT?
I found this information from the IRS (https://www.irs.gov/instructions/i1099int/ar02.html#d0e223). According to the Box1 section for interest income, it seems like if my bank account interests is less than $10, then I don't need to report it on my 2015 tax return (form 1040). Please correct me if my understanding is incorrect.
In addition, since I did not get a 1099-INT, what should I put for these boxes?
Federal Income Tax Withheld
posted
June 5, 2019
10:32 PM
last updated
June 05, 2019
10:32 PM


3 Replies
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Do I need to report my saving and checking account interest ($7) if I didn't receive a 1099-INT?
Your understanding is incorrect. If the amount is under $10, then the payer is not required to send you a 1099-INT, however, you are required to report all income whether you get a 1099-INT or not. Any income that is more than 49 cents is reportable and taxable.
You enter the interest as if you had received a 1099-int, just put the bank name as the payer and put the interest in Box 1. That is all you have to do.
You enter the interest as if you had received a 1099-int, just put the bank name as the payer and put the interest in Box 1. That is all you have to do.
June 5, 2019
10:32 PM
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Do I need to report my saving and checking account interest ($7) if I didn't receive a 1099-INT?
Do I need to put account numbers and routing number when I file my interest on bank account
September 23, 2019
11:18 AM
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Do I need to report my saving and checking account interest ($7) if I didn't receive a 1099-INT?
No. Just the bank name.
September 23, 2019
11:31 AM
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